Our mission is to allow every Canadian the ability to affordably establish a strong credit profile.

We are bringing a new generation of credit to Canada that is fair, simple and allows all people to improve their financial and credit situation.

We Help Canadians

Spring Financial is a subsidiary of Canada Drives, one of the leading brands for auto financing
in Canada. We started Spring because we were frustrated that many Canadians were being declined
for credit or were paying unreasonably high interest rates on their loans with no opportunity to
improve their situation. With Spring we’re providing the best and most accessible solution for
Canadians to establish a positive payment history.

How It Works

We approve you for a loan, but instead of the funds going directly to you they are held in a secure
trust account. As you pay off the loan with small bi-weekly payments we send payment reports to the
credit bureau which in turn gives you the chance to establish a positive payment history.

Once you have paid off the loan the funds are released from the trust account and deposited right into your bank account.

Help Center

Your credit situation impacts you in more ways than you may think.
Many Canadians have the misconception that having bad credit
only affects their ability to obtain financing however,
having bad credit can affect you in many ways.
Here are some examples:

Obtaining financing: Your credit situation will first decide if you
get approved or not. If you do get approved, your credit will
help determine the interest rate and cost of borrowing.
People with lower credit face higher borrowing costs
and may even need to resort to payday loans.

Getting a job: Many potential employers require a credit check before
making an employment offer. If you have bad credit it may be a
reason for an employer to think twice before extending an
offer, especially in a competitive job market.

Renting an apartment: More and more frequently a landlord will check
the credit of a potential tenant. If you have bad credit it may
be a reason for the landlord not to select you
as a tenant for their place.

Getting a cell phone plan: Cell phone providers like Rogers, Bell
and Telus will check your credit before issuing you a monthly
phone plan. If you want to avoid having a pay-as-you-go plan,
having good credit will be necessary.

What are the golden rules of credit?

Regardless of your current credit situation, following these rules
will help you build and maintain a strong credit standing:

Make all your payments on time.
Regardless of the type of debt, it is essential that you make all
your payments on time. Making timely payments will help you
establish a positive payment history on your credit file
and prove to banks and lenders that you can handle
credit. Missing payments will do the opposite.
If you are falling behind on your payments
try calling the lender to see if you can
come to an arrangement to prevent
further damage to your credit.

Don't use too much of your revolving credit.
Revolving credit are things like credit cards and lines of credit. If you
have either or both of these products it is recommended that you don’t
use more than 30% of the credit limit. For example: if you have one
credit card with a $1,000 limit try and keep the balance
at $300 or less.

Don't apply for credit too often.
When you apply for credit a lender will do an inquiry on your credit file.
This inquiry will slightly lower your credit score and appear on your
credit file for all other lenders to see that you are looking for
credit. Applying for credit too frequently will hurt your score
significantly and show lenders that you are frequently trying
to find new credit. It is best to wait until you are certain
you will be approved to apply for credit. You can do this
by monitoring your credit with a one of the major
credit bureaus or by using the credit monitoring
tool that is optional with every
Spring Financial loan.

Have a mix of active, positive trade lines on your credit file.
In order to build and maintain credit you will need to have some active loans
and credit cards. Each time you take out a new loan or credit card a new
trade line is added to your credit file and each trade line will
report your payment history. Banks and lenders like to see both
revolving credit (credit cards or lines of credit), and
installment credit (personal loans or auto loans) on a
potential borrowers file. Making timely payments on
multiple types of credit will prove to banks and
lenders that you are capable of taking on these
financial responsibilities in the future.

Equifax and TransUnion are the two main credit bureaus is Canada. For more information on how credit and your credit score works please visit their websites:

The secured loan is for Canadians needing to improve their credit situation.
If you meet any of the following criteria then a Spring loan
may be right for you:

Are new to Canada

Are new to credit

A student

Have been through a bankruptcy, consumer proposal or credit counselling

Are struggling to get approved for the credit you want

Are paying high interest rates

Have a credit score lower than 700

A Spring loan will give you the chance to start making positive payments, improve
your credit score and prove to banks and lenders that you are able
to handle mainstream credit.

Why is a Spring loan better than a payday loan?

Many Canadians who are unable to qualify for the credit they need unfortunately
have to resort to a payday loan. Payday loans can be a dangerous cycle
that is exceptionally hard to get out of. In Canada payday loans
have interest as high as 600%! What that means is that if you
borrowed $1,000 of pay-day loans and kept them outstanding
for an entire year you would owe $6,000 in interest!

Payday loans also have another significant downside: they don’t help you build credit.
You can borrow money on a payday loan and pay it back perfectly but none of
that information is sent to the credit bureaus. However, if you fall
behind on your payday loan and it goes to collections this will be
reported to the credit bureau and will further damage your credit.
This prevents you from improving your credit standing and makes
it nearly impossible to start getting approved for
mainstream financial products.

Spring Financial is here to help you fight the payday cycle. With a loan from Spring
you get the chance to build a positive payment history on your credit file
and put some money away for a rainy day.

What happens to my credit if I miss payments?

Spring reports your complete payment history to the credit bureau. If you are making your
payments on time, this will help you build a positive payment history, if you miss
payments it could negatively impact your credit. If you currently have a
Spring Loan and think you may miss a payment please give our Client Care
team a call in advance of your payment date to see
what we can do to help.

When you make timely loan payments a portion of each payment gets applied to
your outstanding principal balance. The first $550 of principle is applied to
the set up fee on the loan, any principal paid after the first $550 goes
back to you upon paying out the loan. If you make all of your payments
this will amount to $1,750 by the time your loan is paid out!

Spring will also help you save money when you apply by helping you qualify for
lower interest rates on future loans or refinance existing loans at lower rates.

When do I receive the loaned funds?

When your loan is funded, Spring advances your funds into a trust account to
be held for you. You will not have access to these funds until the
principal loan balance is paid out or closed.

Once the loan balance is paid out or closed and there is an equity balance
due back, you will receive the funds by direct deposit within 7-10
business days. The funds will be deposited into the same account
that you have made payments from.

How are the contracts signed?

Spring Contracts are signed electronically via DocuSign.
DocuSign will create a signature for you which you
agree at the time of signing is valid. To get a
copy of your loan documents please call or
email our Client Care team.

In order to close your loan you will need to pay out any outstanding balance.
Our Client Care team can tell you what your outstanding balance is at any time.

If your outstanding balance is $1,750 or less you can use the funds held in trust for you
to pay out the outstanding balance (you will not need to send us any money).
Upon closing your loan, as long as there are no other outstanding fees
or charges, you will receive your equity balance back.

If your outstanding principal balance is more than $1,750 the funds in trust for you will
not be enough to cover your outstanding balance. Please call our Client Care team so
they can go over your specific options with you.

How often do you report to the credit bureau?

Every month Spring Financial sends the payment history of all customers to the credit bureau.
If you do not see your loan on your credit file please give our Client Care team a call.

What credit bureau do you report to?

TransUnion and Equifax are the two main credit bureaus in Canada, Spring Financial
will report your payment history to TransUnion. To learn more about the
credit bureaus visit their websites here:

Each payment is applied to both principal and interest. In addition, if
you selected any of our optional products - Credit Monitoring or
Loan Protection - a portion of each payment
will be applied to those.

If you have missed payments a portion of your payment may be applied to the $30 NSF fee.

Why am I making installment payments?

You are making installment payments on your loan with Spring Financial. Your loan funds
are held in a trust account and are due back to you as soon as you pay off your loan.
As the borrower, your job is to make all the scheduled payments on time.
Making installment payments on time will help you build a positive
payment history and improve your credit profile.

Can I make additional payments?

Yes, every Spring Loan is an open loan which means you can make extra payments at any time
with no penalties or fees. To make an extra payment on your Spring Loan please contact
our Client Care team or send an e-transfer to: [email protected].
You can request the exact e-transfer instructions from our Client
Care team at any time.

How does the security work?

Upon getting approved and signing the loan documents, Spring Financial lends you $2,300.
This $2,300 is comprised of the setup fee ($550), and the secured cash amount ($1,750).
The secured cash amount is held in trust as security against your loan; this means
that for each loan we issue, we transfer $1,750 into a trust account for you
(the borrower). The purpose of the security is to protect Spring (the lender)
in the case you (the borrower) default or miss payments. Having this
security allows Spring to give as many people as possible the
chance to establish a positive payment history. When the
principal loan is paid off, the amount in the trust
($1,750) is released back to you. If the borrower
defaults on the loan, the amount in the trust
first goes to any outstanding principal
balance, then any remainder will be
returned to the borrower. Your
loan agreement will fully
outline the details of
the security
and trust.

Where is the secured cash amount held?

The secured funds are held in a trust account at TD Bank.

What happens if I miss a payment?

If you miss a payment you will fall behind on your loan. Each missed payment incurs an NSF
fee of $30. If you think you are going to miss an upcoming payment please reach
out to our Client Care team in advance of your payment date and they can
review your options with you.

I lost my job, what can I do?

If you have lost your job please call our Client Care team to figure out a plan.
If you have the optional loan protection with your loan our Client Care team
will help you file a claim so that you can apply for coverage.

How do I know I'm going to get $1,750.00 back at the end of my loan?

The documents you sign at the outset of your loan will detail that you have received a
loan for $2,300 comprised of a $550 setup fee and $1,750 cash. The documents
further outline that the cash amount is advanced into a trust for you
upon signing the loan documents and due back to you as soon as
the loan is paid out.

Within 7-10 business days of paying the loan off, the $1750 will be deposited back into the account

How is this going to help me when I need money right now?

Spring Financial is helping tens of thousands of Canadians by approving them for a loan and
giving them the chance to start building a positive payment history, proving to banks and
lenders that they are capable of handling credit. Each loan is advanced directly to a
trust which means that the borrower does not receive any funds up front. Only once
the loan is paid off does the borrower receive the funds from the trust.
This structure allows Spring to approve the thousands of customers
that are left with no other options by banks and lenders.

We know that there are many needs for cash up front, however most of our customers
cannot qualify for an unsecured personal loan, and if they do, it is at very
high interest rates. This leaves payday loans as the only option for
many of our customers.

While Spring cannot give you money up front, it will help you qualify for mainstream,
non-payday financing in the future so you can avoid situations like this again.

Does Spring offer any other products?

At the moment, Spring does not offer any other products. However Spring is part of the
Canada Drives Group of Companies which offers unsecured personal loans
(www.freshstartfinance.ca) and auto loans (www.canadadrives.ca).

When can I apply for other financing?

We recommend making all your payments on time on your Spring Loan for 9-12
months before applying for other types of financing. The absolute
earliest we would recommend applying for new financing is in
three months.

If you accepted the optional credit monitoring with your loan, check your credit
score regularly. Wait until after you see improvement to apply for credit again.

Spring Financial wants to make sure you have the best chance of being successful
in achieving your credit and financial goals. In order to do so, a trained
underwriting associate reviews each Spring Loan application and
supporting documentation to make sure that you are receiving
enough consistent income to make payments on time, have a
valid Canadian bank account in good standing, and that
you live in a province we operate in.

What documentation is required?

In order to be approved for a loan you will need to provide a valid government issued ID,
a bank statement with at least 30 days of transaction history, and a void cheque.
Our trained agents can help you review and gather the required documentation
over the phone, text, or email.

I didn’t get approved for Spring, what can I do?

In order to increase the chances of approval in the future please consider paying off
your current debts and other obligations, avoid going into overdraft, and
maintain a consistent positive balance in your bank account.

Spring Financial operates in every province and territory in Canada with the exception
of: Saskatchewan, Quebec, New Brunswick and Nova Scotia.

Do you offer credit monitoring?

We offer TransUnion credit monitoring as an optional add-on to any Spring Loan.
Credit Monitoring allows you to get the most accurate evaluation of your
credit file without damaging your score. Credit Monitoring is a great
product to have alongside your Spring Loan as it allows you to
directly track your progress and helps you make an
educated decision on when you should apply
for mainstream credit again.

If you have any questions with credit monitoring or are having trouble activating
or accessing your credit monitoring please contact our Client Care team.

What is the interest rate?

The interest rate on all of our loans is 17.99%

How is interest calculated?

Interest is calculated on the outstanding principal balance since your last payment.
The interest rate on your loan is 17.99%.

Are there any other fees?

There is a $550 setup fee that is included in the principle balance of the loan.
This setup fee is paid as part of your quoted loan payments and, if all
scheduled payments are made on time, will be paid completely by
the 12th month of the loan.

Other than the setup fee there is a $30 NSF fee in the event that a payment is missed.
If you are worried about making a payment on time please reach out to our Client
Care team to see if you can make an arrangement.

Do you offer loan protection?

We offer payment protection coverage with all Spring loans. This product is completely
optional and not required to obtain the loan. Payment protection is insurance
that will cover a portion, or all, of your loan payments in the case of
qualifying involuntary job loss, critical illness, disability,
or death. If any of these apply to you please call or email
our Client Care team and they will help you with the
forms needed to complete a claim.

What is the loan term length?

Your loan term is 36 months from the funding date (start of your loan). Each of our loans
are also “open loans,” which allow you to make prepayments and settle your loan
early without penalty. To find out how long is left on your loan please
review your loan documents or call our Client Care team.

What is my Equity Balance?

The first $550 in principle paid on your Spring Loan goes towards the Set Up fee.
Any principal paid after the first $550 is considered your equity balance and
is due back to you upon paying out your loan.

How can I check my remaining balance?

You can check the remaining balance on your loan by calling our Client Care team.